Hybrid agent Purplebricks has published an upbeat summary of its most recent year of trading revealing increased revenue, number of Local Property Experts, market share, brand recognition and 2.5 million visits to its website every month.

Purplebricks also says it sold property worth £5.8bn with a further £1.008 billion in the pipeline, and sells a property every nine minutes.

The company also makes some punchy predictions for growth, and says it will double its turnover to £80m during 2017/18.

But crucially for its high street competitors, the company claims its aggressive ‘commisery’ marketing campaigns have helped enlarge the total market share of all homes UK that are sold using hybrid and online-only agents like Purplebricks, although it doesn’t give any figures.

This has come at a heavy price. At £14.4 million its marketing represents are half of its £24.2 million gross profits during 2016/17.

More commisery?

Purplebricks also says it is due to increase its advertising in the UK by £3.5 million during the next financial year.

But despite the huge cost of TV advertising spend, Purplebricks’ UK operation squeaked in with its first operating profit at £0.2 million, although Australia lost £6.1 million and the US £100,000.

“This has been a very successful year in the early development of the Purplebricks model and brand,” says Group Chief Executive Michael Bruce (pictured, left).

“We have materially grown our national footprint and have built a growing brand awareness and reputation for delivering customers a more convenient, transparent and cost-effective service.”

The company also says it is “winning share from the traditional agents” and that its conversion from instruction to sale is 83% while instruction per revenue is £1,035.

Purplebricks also reveals in its results that it paid £3.5 million for Venmores, the Liverpool-based property management firm it acquired in April this year.